Winterbrook has agreed the sale of a 94 unit apartment block which the company is developing in Dalkey in south Dublin. The development, which is due to be completed in late 2022, has been sold in its entirety in a landmark deal to Irish Life’s Residential Property Fund.
The development is situated on Harbour Road just outside Dalkey with views out over the sea. Winterbrook acquired the site in 2017. The company secured planning permission for an exclusive development of one, two, and three-bedroom apartments which was designed by Henry J Lyons and which are set in two blocks with best-in-class amenity and concierge facilities for tenants. The provision of extensive bicycle and electric car charging stations will all contribute to the scheme’s Near Zero Energy Building credentials.
Welcoming the transaction Francis Rhatigan, Winterbrook founder and Managing Director, said ‘’After a difficult year for the Irish economy, this transaction is a great sign of confidence in the Irish residential property market. Irish Life has long been one of the most astute investors in the market and we are delighted to partner with them on this landmark development. We have worked with great care and attention on this wonderful site and we know that the finished development will be a valued addition to Dalkey. Activate Capital will provide all the construction financing for this development and we look forward to working closely with the Activate team.”
Irish Life is a long-term investor in property, on behalf of its client property funds. Its Irish Residential Property Fund is providing the Irish marketplace with high-quality, professionally-managed rental accommodation. Institutional investment in the residential to rent sector is a relatively new but growing feature of the market in Ireland and is well established in developed economies around the globe. Institutional ownership of residential property schemes gives renters stability of tenure, with a long-term owner whose objective is to continue to hold and make the accommodation available for rent into the future.